Sharjah’s economy shows solid growth of 6.5% in 2023, with GDP reaching Dhs145.2 billion

Bay Today, Staff reporter

The Sharjah Department of Statistics and Community Development (DSCD) has announced a significant increase in the emirate’s gross domestic product (GDP) in 2023. ThPreliminary estimates indicate an increase of 6.5%, reaching approximately Dhs145.2 billion compared to Dhs136.4 billion in 2022, an increase of 4.9% compared to 2021.

The newly disclosed data is babased on estimates from the 2017-2023 Comprehensive Economic Survey, which show Sharjah’s solid economic momentum and competitiveness, reinforcing its status among the fastest-growing and most diversified economies in the region.

Non-oil sectors also saw significant growth, reaching Dhs142.5 billion in 2023 compared to 133.1 billion in 2022, an increase of 7.1%, reflecting the emirate’s economic diversification and investment in alternative sectors, further enriching the local economic structureRound.

Activities: “wholesale and retail trade, repair of motor vehicles and motorcycles”, “production”, and “construction” sectors. collectively contributed Dhs72.5 billion, strengthening Sharjah’s status as a leading commercial and industrial center in the region.

The wholesale and retail trade sector contributes the highest to GDP

In the detailed breakdown of the preliminary components of GDP for 2023 in the section “wholesale, retail trade, repair of motor vehicles andd The motorcycle sector was a major economic driver, accounting for 24% (Dhs34.8 billion) of total GDP, highlighting the sector’s key role in stimulating economic activity and creating jobs.

Meanwhile, the “manufacturing” sector contributed 16.7% (Dhs24.3 billion) of the total GDP, attributed to its diversified manufacturing base and active contribution to the development of the emirate’s industrial and knowledge economy.

The agriculture and fishing sectors record the greatest growth

In particular, the agriculture, forestry and fisheries sector recorded the highest growth rate of 19.1%, illustrating efforts to increase food security and sustainability.

This was followed by the “accommodation and catering services” industry, with an increase of 17.5%, and the “finance and insurance” industry, which recorded an increase of 12.3%. The “electricity, gas, water supply and waste management” sector also recorded a solid growth of 7.8%.

Other sectors such as ‘construction’, ‘manufacturing’ and ‘human health and social work’ also recorded positive growth rates of 7.7%, 7.6% and 7.1% respectively. These numbers demonstrate comprehensive growth in non-oil sectors, increasing the diversification of the local economy and supporting the emirate’s ongoing development, while also increasing resilience to future economic challenges

Sustainable economic growth

Commenting on the preliminary estimates, Sheikh Mohammed bin Humaid Al Qasimi, Chairman of DSCD, said: “The results demonstrate a strategic transformation in Sharjah’s economic landscape, accelerating the drive towards diversification and reliance on non-oil sectors, which are essential pillars of a more sustainable and prosperous economy.

This development not only makes the economy more resilient to global fluctuations, but also reinforces Sharjah’s status as an attractive investment destination offering a dynamic business ecosystem and abundant growth prospects.”

The President added: “Sustainable development requires a balanced distribution of resources between different sectors. The noticeable increase in the contribution of non-oil sectors is an indicator of Sharjah’s sustainable economic growth and its progress towards an integrated economic model.

These indicators drive the emirate’s sustainable development goals towards achieving prosperity and social well-being, in line with the vision of His Highness Sheikh Dr Sultan bin Mohammed AlQasimi, Member of the Supreme Council and Ruler of Sharjah.”

The preliminary estimates are based on comprehensive and ongoing economic research results for the period 2017-2023, which covered all independent authorities and the public sector. This approach is in line with globally recognized methodologies and classifications, reflecting economic indicators for activities and sectors in the emirate for 2023.